The International Trade Centre (ITC) and African Export‑Import Bank (Afreximbank) released a report on the sidelines of the Commonwealth Heads of Government Meeting in Antigua, estimating that annual trade in goods and services between Africa and the Caribbean could rise to $1.65 billion by 2030, excluding mineral fuels.

The analysis notes that roughly 80 % of Africa’s potential goods exports to the Caribbean remain untapped, indicating significant room for growth if trade barriers are addressed.

Caribbean export potential is strongest in services, estimated at $481 million, while priority sectors for African exporters include processed food, animal feed, chemicals, minerals, apparel, leather, tourism, transport services and creative industries.

The report’s conclusions are based on trade‑potential analysis, sector assessments and a survey of 1,175 businesses and support organisations across both regions.

ITC Executive Director Pamela Coke‑Hamilton emphasized the need for stronger regional ties, value‑addition and better market intelligence to help firms capture these opportunities.

Afreximbank’s Senior Executive Vice President Denys Denya highlighted the bank’s role in financing, deposit mobilisation, business matchmaking and local‑currency payment solutions to support the trade agenda.

The study identifies persistent challenges for businesses, including high transport costs, limited direct shipping routes, regulatory hurdles, constrained finance access and difficulty finding reliable partners.

To overcome these barriers, the report calls for improved market intelligence, expanded trade‑finance options, stronger logistics links, sector‑specific value‑chain development and enhanced regulatory cooperation.

It also urges broader cooperation beyond goods, suggesting joint investment ventures, digital services, creative‑industry collaboration and tourism as growth avenues.